New research grant to drive understanding of financial technology's impact on the financial health of consumers with low-to-moderate incomes
Washington, D.C., May 21, 2024 – In a bid to deepen insights into the intersection of financial technology and consumer financial health, SaverLife, announces the launch of a groundbreaking research initiative. This initiative aims to inform the financial technology field about the profound impacts of fintech on consumer financial well-being and to provide actionable recommendations for product design that prioritizes the financial success of consumers living on low-to-moderate incomes.
The research grant, generously funded by the Bill & Melinda Gates Foundation, will examine Buy Now Pay Later, Earned Wage Access, and how SaverLife members are using digital transaction products and payment platforms. The insights are poised to influence multiple facets of the rapidly evolving financial landscape. Through rigorous investigation and analysis, the research team will seek to:
Inform Product Design: By examining the current landscape of financial technology products, the research will identify strategies and features that are more likely to position consumers for financial success.
Shape Regulatory Landscape: In a climate marked by swift regulatory changes, the research will endeavor to influence both state and federal regulations. Balancing the imperative of innovation with the need to safeguard consumer financial health, the findings will advocate for regulatory frameworks that support innovation while ensuring robust consumer protection.
Guide Future Innovations: Inform and steer the development of future financial products and services. Emphasizing consumers' financial health as a core priority, the insights gleaned will foster a culture of responsible innovation within the financial technology sector.
Foster Sector Collaboration: Recognizing the pivotal role of collaboration in advancing consumer financial health, the research aims to engage consumer advocates, philanthropic organizations, and other stakeholders. By promoting promising innovations and facilitating dialogue, the initiative seeks to drive systemic change and foster better financial health outcomes for all.
Commenting on the significance of the research grant, Mat Despard, SaverLife VP of research and policy stated, "Do product innovations like Buy Now Pay Later and Earned Wage Access make it easier or harder for people living on low-to-moderate incomes to manage their finances? We look forward to diving into this question by listening to and understanding our members’ experiences and perspectives."
As part of this effort, SaverLife has convened an advisory panel of innovative leaders in the financial field who will help guide the research and disseminate the insights. The panel includes: Daniel Barker, President and CEO of Halcyon; Brian Gilmore, Vice President, Commonwealth; Aras Jizan, Senior Program Officer, Economic Mobility & Opportunity, US Programs, Bill & Melinda Gates Foundation; Laura MacCleery, Senior Director, Policy and Advocacy Unidos US; Delicia Reynolds Hand, Senior Director, Digital Marketplace, Consumer Reports; David Silberman, Senior Advisor, Financial Health Network; Jeff Stoltzfoos, VP Government and Public Affairs, Chime; Ky Tran-Trong, Vice President and Associate General Counsel, Global Risk and Regulatory Affairs, Visa Inc,; and Sara Weiss; VP, Director of Research; Center for Responsible Lending. These advisory panel members are serving in their individual capacities and not necessarily on behalf of their organization.
The research grant underscores SaverLifes' commitment to advancing knowledge and fostering innovation in the financial technology sector. As the landscape continues to evolve, this initiative stands poised to drive meaningful change and promote a future where financial technologies serve as catalysts for improved financial health.
For media inquiries or further information, please contact Rebekah Collinsworth at rcollinsworth@saverlife.org. SaverLife is national nonprofit and advocacy organization using technology to improve the financial health of people living on low-to-moderate incomes.